Ziegler’s Eco Muni Strategy: Seeking Competitive Municipal Bond Returns Through Financing Critical Sustainable Infrastructure

Ziegler Capital Management’s Unique Approach to Environmentally Focused Investing Utilizing Tax Efficient Municipal Bonds.

In this podcast, Mark Goodwin, Chief Executive Officer of North Square Investments, and Bill Fitzgerald, Senior Portfolio Manager with Ziegler Capital Management will discuss Ziegler’s Eco-Muni strategy, which seeks competitive municipal bond returns through financing critical sustainable infrastructure.

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Definitions of key terms in this Podcast:

Duration measures a bond’s or fixed income portfolio’s price sensitivity to changes in interest rates. Typically, when interest rates rise, the higher a bond’s duration, the more its price will fall. Time to maturity and a bond’s coupon rate are two factors that can affect a bond’s duration.

Average Credit Quality provides a “snapshot” of a fixed income portfolio’s overall credit quality—it is an average of each bond’s credit rating, adjusted for its relative weighting in the portfolio.

Revenue Bonds are a category of municipal bond supported by the revenue from a specific project, such as a toll bridge, highway, or local stadium. A revenue bond repays creditors from income generated by the project that the bond itself is funding, such as a toll road or bridge.

General Obligation Bonds are municipal bonds backed entirely by the credit and taxing power of the issuing jurisdiction rather than the revenue from a given project. General obligation bonds are issued with the understanding that a municipality will be able to repay its debt obligation through taxation or revenue from projects.

The Yield Curve is a term used to describe a “normal” curve in which short-term debt instruments have a lower yield than long-term debt instruments of the exact same credit quality. This gives the yield curve an upward slope. This is the most often seen yield curve shape, and it’s sometimes referred to as the “positive yield curve.” Analysts and market observers study the slope of the yield curve for indications about how future short-term interest rates will trend. When there is an upward sloping yield curve, this oftentimes indicates an expectation across financial markets of higher interest rates in the future; a downward sloping yield curve is thought to predict lower rates.

North Square is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Information contained herein is as of 9/26/22 and derives from third-party sources believed to be reliable by the Adviser.  However the accuracy and completeness cannot be guaranteed. The opinions contained herein are of North Square as of the date of this publication and are subject to change without notice.

Not FDIC Insured  ·  May Lose Value  ·  No Bank Guarantee

This podcast was recorded December 12, 2022. The opinions expressed herein are those of Ziegler Capital Management and North Square Investments, LLC (North Square) and are subject to change without notice. The opinions referenced are as of the date of publication/distribution, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Forward looking statements cannot be guaranteed. The discussions in our podcasts are for general informational purposes only and should not be considered as investment advice.  It should not be assumed that any of the securities or companies discussed have been or will be profitable, or that investment recommendations or decisions we make in the future will be profitable. Nothing discussed herein constitutes an offer or recommendation to buy or sell a particular security or investment strategy. Some information contained herein derives from third-party sources North Square believes to be reliable; however, accuracy and completeness cannot be guaranteed. Some material discussed represents an assessment of the market environment regarding a specific security or industry at a particular point in time and is not intended to be a forecast of future events or a guarantee of future results. The investment strategy or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. No assurance, representation, or warranty is made by any person that any of Ziegler Capital Management’s  assumptions, expectations, objectives and/or goals will be achieved. Nothing contained in the document many be relied upon as a guarantee, promise, assurance, or representation as to the future. This discussion, including any hypothetical illustrations, are intended to form a basis for further discussion with your legal, accounting, and financial advisors. Actual future investment returns, taxes and inflation are unknown. Do not rely upon this report to predict future investment performance. North Square is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the companies’ investment advisory services can be found in their respective form ADV, which are available upon request.

Martin Gawne